P3 leases out almost 60,000 sq m of logistic, office space in Romania in H1

BUCHAREST (Romania), September 15 (SeeNews) – Pan-European logistics property investor-developer P3 leased out 58,637 sq m of logistics and office space in Romania in the first half of the year, it said on Tuesday.

Of the total number of transactions, 52{2bcf6c72702b5c79c6d60e2b201b92505312452d06f0e1ed088ab13b8bc14c0a} were represented by new long-term contracts, 38{2bcf6c72702b5c79c6d60e2b201b92505312452d06f0e1ed088ab13b8bc14c0a} were prolongations of existing contracts, while the remaining 10{2bcf6c72702b5c79c6d60e2b201b92505312452d06f0e1ed088ab13b8bc14c0a} were short-term leasing agreements, P3 said in a press release.

Two of the company’s partnerships with some of the long-term tenants have been consolidated this year. At the beginning of the year, logistics solutions provider Gebrüder Weiss Romania prolonged its lease contract for the 22,420 sq m of logistic and office space it occupies within P3 Bucharest A1. Also, Interbrands Marketing and Distribution, active in the field of distribution and marketing of consumer goods in Romania and tenant of the park since 2006, chose to relocate to a broader space within the park.

Furthermore, in the first half of this year, logistics and transport services provider Logwin leased a surface of 2,350 sq m in the park, while import and distribution company Just Master Activities leased a 3,200 sq m space.

“Despite the challenging times we are currently facing and the overall feeling of uncertainty dominating the business environment, when drawing a line the first half of the year has brought gratifying results for P3 Bucharest A1 Park,” P3 Romania managing director Sinziana Pardhan said. “Over the past couple of months, we have seen some of the deals that got postponed during the lockdown period resurface again, and this is a sign that makes us cautiously optimistic when looking towards the leasing activity for the second half of the year.”

P3 Bucharest A1 park is the largest multi-functional park in Bucharest, spreading on more than 380,000 sq m in 14 warehouses and has a land bank of 100,000 sq m ready for potential deliveries.

P3 is an investor, manager and developer of European warehouse properties with more than 5.7 million sq m of assets in 12 markets. Headquartered in Prague, the company employs more than 160 people across 9 offices in various European cities, offering integrated development, asset and property management services.